Even in a buyer’s market, purchasing a property is a huge financial commitment. If you’re worried your budget isn’t stretching as far as you’d like, it’s tempting to look for costs to cut. One expense you should never look to avoid is investing in a property survey.
A detailed report compiled by an experienced surveyor is an essential resource for any first-time buyers. In addition to giving you an overview of the condition of a property, you’ll get exhaustive insights into structural issues and hidden defects. Identifying these early is crucial if you want to avoid spending thousands of dollars down the line unnecessarily.
Property Surveys Explained
A property survey is a thorough inspection process that needs to be performed by a qualified surveyor. Typically, a survey will provide you with an in-depth assessment of the condition of a building. Surveys can be used by sellers and buyers alike. They can be used to determine the structural integrity of things like foundations, as well as the overall condition of a property. They’re particularly useful for prospective buyers who want to flag any major issues before committing to a purchase.
However, this is just the tip of the iceberg. A detailed survey will also spotlight more superficial concerns, as well as identify potential repairs. In certain cases, a property may require extensive alterations to bring it up to code. A survey will ensure you’re made fully aware of any of these issues before committing to buy.
Furthermore, surveys are invaluable when it comes to land boundaries. A survey can confirm existing boundary specifications or define them if this information is unavailable. Boundary disputes can be a major headache for homeowners. An in-depth survey will ensure you’re not contesting property lines with neighbors in the future. What’s more, there’ll be no surprises when it comes to expanding your property or undertaking construction work.
The Advantages of Obtaining a Property Survey
There are several major benefits to having a survey carried out on a property. For starters, a survey can identify a huge scope of unseen issues with a property. This can include superficial damage that might be easy to remedy, as well as more serious defects that will require considerable investment.
Boost Your Bargaining Power
Property prices are on the rise. As of 2022, the average price for a standard family home is $428,700. This is an increase of 11.8% on prices from the same time last year. With these housing market upswings, it makes sense to give yourself as much negotiating power as possible.
In an ideal world, we’d all prefer a property in perfect condition that can be moved into immediately. However, if a survey alerts you to a list of manageable defects and issues, you can use this information to steer pricing discussions. In many cases, the money you save will more than cover the cost of repairs.
Identify Repair Requirements and Defects
Maintaining a home can be an expensive enterprise. Overall maintenance costs vary depending on your exact location, but you should be aiming to set aside $4,800 a year for the upkeep of a single-family home.
Investing in a survey before buying a property will help you manage repair costs further. Fail to obtain a survey report and you may find yourself spending upwards of $10,000 just to remedy existing issues.
In more extreme cases, a survey may identify structural defects. For the vast majority of people, homeownership is the single biggest investment they’ll ever make. If you’re going to spend your life savings on purchasing a property, you’ll want the assurance it’s going to be fit for habitation in a decade. A property survey provides invaluable peace of mind.
Why Property Surveys Are So Crucial
Even if you’ve managed to get a great deal on a property, there are countless other costs to consider. Closing costs, property taxes, and escrow payments all stack up. To keep moving costs down, many homeowners look to cut corners elsewhere. No matter how much you’re tempted, never skimp when it comes to obtaining a survey report.
If you avoid having a property surveyed, you may find yourself having to fork out for five-figure repair bills down the line. Furthermore, don’t assume you have the credentials to undertake a survey yourself. While you may be able to spot obvious defects, there’s a multitude of hidden issues that will escape an untrained eye.
Paying for a survey on a property protects your interests and financial investment. Even if a report does flag a long list of issues, you can use these to your advantage. Still interested in pushing ahead, but don’t want to budget for repairs and renovations? Survey findings can be used as a bartering tool. Use them to negotiate an asking price to offset the cost of any remedial works you’ll need to arrange.
Are Property Surveys Essential?
Although property surveys aren’t usually a legal requirement when purchasing or selling a property, they’re always worth investing in. For prospective buyers, they highlight expensive issues that would otherwise have gone unnoticed during a property viewing. An experienced surveyor will spend far longer in a property than you will have in the company of a realtor.
During this time, they’ll actively look for structural defects and other issues to help you make the best buying decision possible. Although expensive, a survey delivers unparalleled peace of mind. In a best-case scenario, a property will be given a clean bill of health and you’ll be free to complete the deal. However, even negative findings can put a buyer in a better overall position.